Paradise Entertainment has issued a positive profit warning is expected to record a profit of HK$119.4m for the Reporting Period, as compared with a loss of HK$3m for the six months ended 30 June 2023, mainly attributable to an increase of HK$116.5m or 48.5 per cent in the Group’s revenue from the provision of casino management services in Macau.
This has come as a result of an increase in the gross gaming revenue generated by Casino Kam Pek Paradise, the casino under the Group’s management in Macau, following the increase in the number of patrons to the casino; and an increase of HK$64.5m or 1,743.2 per cent in the Group’s revenue from the sale/leasing of electronic gaming equipment and systems as a result of a significant rise in demand for live multi game (LMG) terminals and related products in Macau.
It said: “Following the full resumption of cross-border travel in February 2023, the relaxation of Covid-19 restrictions, and the increase in tourist arrivals in Macau, the gaming industry has witnessed a strong rebound since the pandemic. The solid recovery of the gaming industry from the pandemic and the surge in visitor arrivals in Macau during the Reporting Period have benefited the Group’s operations in Macau, in particular the number of patrons to Casino Kam Pek Paradise, and the increasing appeal of the Group’s electronic gaming equipment and systems (including the LMG terminals and related products) to casino operators in Macau.”
